RESTON, Va., April 27, 2009—SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, announced today that it has extended the term of its $21.8 billion asset-backed commercial paper (ABCP) facility that provides funding for the company’s federally guaranteed student loans from April 28, 2009 to April 23, 2010. The company’s private education loan ABCP conduit facility with $2.7 billion outstanding was paid in full.
The extension of this facility provides liquidity for the company while the U.S. Department of Education finalizes its plans to implement the ABCP conduit it developed and as the company evaluates several other funding opportunities.
***
This press release contains “forward-looking statements” based on management’s current expectations as of the date of this release. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks include, among others, general economic conditions, changes in the terms of student loans and the educational credit marketplace arising from the implementation of applicable laws and regulations, and from changes in such laws and regulations, adverse results in legal disputes, changes in the demand for educational financing or in financing preferences of educational institutions, students and their families, limited liquidity, increased financing costs and changes in the general interest rate environment. For more information, see the company's filings with the Securities and Exchange Commission, including the forward-looking statements contained in the company’s Supplemental Financial Information First Quarter 2009. All information in this release is as of April 27, 2009. The Company does not undertake any obligation to update or revise these forward-looking statements to conform the statement to actual results or changes in the Company’s expectations.
For more information contact:
Martha Holler (703) 984-5178
Steve McGarry (703) 984-6746
Joe Fisher (703) 984-5755
SLM Corporation (NYSE:
SLM), commonly known as Sallie Mae, is the nation’s leading provider of saving, planning and paying for education programs. Through its subsidiaries, the company manages $192 billion in education loans and serves 10 million student and parent customers. Through its Upromise affiliates, the company also manages more than $21 billion in 529 college-savings plans, and is a major, private source of college funding contributions in America with 11 million members and more than $500 million in member rewards. Sallie Mae and its subsidiaries offer debt management services as well as business and technical products to a range of business clients, including higher education institutions, student loan guarantors and state and federal agencies. More information is available at
www.salliemae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.